The Continentalist: Spain’s Moment of Agony, Europe’s Moment of Truth

This weekend, Spain followed Greece, Portugal and Ireland in seeking shelter under the European Union’s rescue umbrella in order to save its banks. Spain, perhaps prouder than the others, tried to avoid by all means a government bailout, fighting hard for a solution that would rescue its hard-hit banks directly. The problem for Madrid is that after two years of crisis, the EU has learned how to hook countries up to its bailout lifeline, but nobody knows how to move them off of it. The confession of failure might take a harder toll on the Spanish nation than the formal […]